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Financial Reform

Leading consumer groups today announced the results of a poll showing that an overwhelming majority of likely voters both support a new consumer agency (74%) and want Wall Street held “accountable” (77%), along with a report documenting “10 reasons” consumers need the new Consumer Financial Protection Bureau.

A new study claims banks are still hiding fees from customers. WISPIRG Program Associate Kyle Bailey says in their nationwide survey of more than 350 bank branches, fewer than half complied fully in disclosing the policy of customer fees. Roughly 25-percent of the branches never provided the information at all.

A survey of more than 350 bank branches released today by the Wisconsin Public Interest Research Group revealed that fewer than half of branches obeyed their legal duty to fully disclose fees to prospective customers, while one in four provided no fee information at all.

Kudos to President Obama for standing up for consumers this week by making a recess appointment of former Ohio Attorney General Richard Cordray to head the new Consumer Financial Protection Bureau. The President’s action means that the CFPB now has all its powers to protect the public from unfair financial practices, whether by banks or other financial firms, such as payday lenders and credit bureaus.

Rep. Gwen Moore, who says her own experience with predatory lending drew her to politics, is raising the ire of consumer advocates for trying to stop a proposed consumer protection agency from regulating credit insurance.